Endeavor's Entrepreneurs' Summit

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Description: Komisar explains how the original TiVO concept went through multiple transformations. Originally, the TiVO entrepreneurs wanted to create a stand-alone VCR box that would be sold by large retailers. Over time and with the guidance of Komisar, the entrepreneurs realized it would make better sense to offer TiVo as a service instead of a hardware product with low-margins.

Other Videos in Series

Summary: Komisar warns against the concept of a deferred life plan, when people put off what they really want to do for what is expected of them. According to Komisar, this is when you are deferring your sense of excitement and passion for what you really care about. Working hard is not inconsistent with the deferred life plan, he adds, but doing so for a product that you do not have interest in is.
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Summary: Randy Komisar, a partner at Kleiner Perkins Caufield & Byers and author of the best-selling book The Monk and the Riddle, talks about how innovation occurs at Kleiner Perkins. Instead of giving projects a thumbs up or thumbs down, the firm uses a set of filters to review and improve these projects. Through this process of iteration, innovation and problem solving occurs between investors and entrepreneurs, he notes.
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Summary: Komisar believes there is evidence of new bubbles occurring in certain industries today, specifically in Web 2.0. The good news is that there are also many other industries, such as those in energy, life sciences, and healthcare, where bubbles are absent. He also gives advice on whether companies should seek institutional financing or professional investments.
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Summary: Komisar explains that there are different types of entrepreneurs for various stages in a company using an analogy from his book, The Monk and the Riddle. Early stage entrepreneurs, like a bloodhound, seek out resources to get the company off the ground. To grow the company, an operation leader is needed, like a husky that is willing to pull the sled and get the company to a public market liquidity. If the company ever faces difficult situations, a rescuer, like a St. Bernard, tries to save it.
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Summary: Komisar relates some of the advice that George Lucas, acclaimed director of the Star Wars series, gave him in order to create compelling and visionary ideas: It is difficult to paint on a blank canvas, but it is easier to do so when there are few dots already splashed on. The notion of innovating around inchoate concepts are applicable to the entrepreneurship business, Komisar notes.
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Summary: Komisar talks about two failures he has faced throughout his career and the lessons he learned from them. The first was a company called GO Corporation, which failed after four years due to bad technology and planning. The second occurred when Komisar left LucasArts Entertainment prematurely to join another company called Crystal Dynamics. He was unhappy about the move and had no passion for its products.
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Summary: According to Komisar, most entrepreneurship in the world is not mission-driven, but inspired by necessity. In many economies, entrepreneurship provides a surrogate notion of empowerment and democracy. He also explains what makes the entrepreneurship in Silicon Valley so unique.
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Summary: Komisar talks about what he looks forward to in his career and life. He advises others who are unsure about the future to find ways to optimize their situation, the people they work with, and the flow of available opportunities. He also notes that the notion of being in motion is an important aspect of who he is and what he enjoys doing.
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Summary: Komisar describes a great entrepreneur as someone that works hard and knows how to take advantage of new opportunities. These opportunities need not be created by the entrepreneur, he says, but by others and the market around them. It is also important to note that even great entrepreneurs fail for reasons beyond their control.
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Summary: According to Komisar, the nature of the work in Kleiner Perkins is very hands on. He meets with companies every week to build their strategies, partnerships and relationships. For this reason, it is no surprise that many companies from around the world move their management teams to Silicon Valley to build the business; the ecosystem in the area is very reinforcing. On the other hand, this is also why it is difficult for a venture capitalist to back and support a company that exists entirely in another country.
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Summary: Komisar explains how the original TiVO concept went through multiple transformations. Originally, the TiVO entrepreneurs wanted to create a stand-alone VCR box that would be sold by large retailers. Over time and with the guidance of Komisar, the entrepreneurs realized it would make better sense to offer TiVo as a service instead of a hardware product with low-margins.
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